Diogenes Casares, a crypto trader deeply embedded in Argentina's crypto scene, sheds light on the $LIBRA memecoin scandal. He reveals how political connections and insider trading may have influenced its launch, leaving many investors in the lurch. Casares discusses the potential legal ramifications for insiders and the naivety of President Javier Milei. The conversation highlights patterns of price manipulation, the role of market makers, and the wider implications for Argentina’s economy and political integrity in the volatile world of cryptocurrency.
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question_answer ANECDOTE
Early Rumors of Libra
Dio Casares heard about the Libra memecoin launch weeks in advance.
He investigated and found a high-ranking Argentine official might be involved.
insights INSIGHT
Crypto Point Person Unaware
Javier Milei's point person for crypto was unaware of Libra.
Milei admits to limited crypto knowledge, relying on his team, suggesting potential exploitation.
question_answer ANECDOTE
Alleged Bribery Scheme
Hayden Davis from Kelsier Ventures claimed he could get Milei to post anything for money.
This was revealed in a message from December, suggesting a pre-meditated plan.
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Was Argentina’s president used to pump a memecoin? The launch of $LIBRA has turned into a political and financial scandal, with accusations of insider trading, bribes, price manipulation, and government ties to crypto influencers.
In this episode, Diogenes Casares, a crypto trader with deep connections in both memecoins and Argentina’s crypto scene, exposes what really happened behind the scenes. He details how a network of market makers, influencers, and political insiders orchestrated the launch, how the price was manipulated from the start, and why he believes the entire operation was illegal.
Casares also explains the potential legal consequences for those involved, the impact on President Javier Milei’s administration, and what all this means for the future of Solana memecoins.
Show highlights:
3:06 How Dio heard about the launch of an Argentina-related memecoin two weeks in advance
8:09 Whether Argentines were the ones who actually lost money on the coin
40:50 How Kelsier Ventures’ Hayden Davis crashed the price of the token
14:51 How the story is being perceived in Argentina
16:38 Why Dio believes Argentine President Javier Milei was naive
22:38 Who the insiders were and what role they played
26:56 Why Dio says that insider trading is illegal even in crypto
30:31 How some of the insiders are “pathological liars,” according to Dio
34:57 Why Dio doesn’t believe Jupiter’s statement and is skeptical about the Meteora founder’s statement
40:50 Why Dio says Davis’ “strategy” was actually price manipulation
44:32 What should be done with the $100 million that Davis holds
45:24 How Milei could suffer politically because of the situation
51:48 What Dio thinks about Dave Portnoy’s refund
57:09 How it was disappointing that this scandal happened in a place with so much crypto adoption
1:00:53 What’s next for Milei and whether he’ll go through impeachment
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